Any person falling under the purview of the Income Tax Act, 1961 has to pay tax on the income earned in a particular financial year. The person (commonly referred to as “assessee”) could be an individual, partnership, Hindu Undivided Family or any other business entity.
The categorization in taxpayers has been done to ease the compliances. Each category of taxpayer has to compute the taxable income in the manner as laid down in the Income Tax Act, 1961. Post computation, Income Tax Return is filed in the Form applicable to that category of taxpayer.
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Form ITR-1 (also referred to as SAHAJ popularly) has to be filed by individuals who have an income of not more than INR 50 lakhs from the following sources in a financial year:
Form ITR-1 cannot be filed in the following cases:
In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assessee for his/her records, the other copy duly signed by the assessee, has to be sent by post to:
Post Bag No. 1,An individual of the age of 80 years or more at any time during the previous year; or An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income.
For individuals up to the age of 60 years
Taxable IncomeIncome Tax Rate
Up to INR 2,50,000 | Nil |
INR 2,50,000 – INR5,00,000 | 5% |
INR 5,00,000 – INR 10,00,000 | 20% |
Above INR 10,00,000 | 30% |
For individuals aged between 60-80 years (Senior Citizens)
Taxable IncomeIncome Tax Rate
Up to INR 3,00,000 | Nil |
INR 3,00,000 – INR5,00,000 | 5% |
INR 5,00,000 – INR 10,00,000 | 20% |
Above INR 10,00,000 | 30% |
For individuals above the age of 80 years (Super Citizens)
Taxable IncomeIncome Tax Rate
Up to INR 5,00,000 | Nil |
INR 5,00,000 – INR 10,00,000 | 20% |
Above INR 10,00,000 | 30% |
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